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Summary

Adapted by Kathryn Graddy, Essentials of Economics brings the captivating storytelling approach, real-world applications, and innovative features of Paul Krugman and Robin Wells’ Economics to the one-term economics course. It is the ideal text for teaching basic economic principles in a single term, distilling the increasingly popular Krugman/Wells text down to what is truly essential. The new edition is the most accessible yet—thoroughly updated with current topics and examples, and with new cases that are especially appealing to business students.

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Table of Contents

Part 1. What is Economics?1. First Principles2. Economic Models: Trade-offs and Trade Appendix: Graphs in Economics

Part 2. Supply and Demand3. Supply and Demand4. Price Controls and Quotas: Meddling with Markets 5. Elasticity and Taxation

Part 3. The Production Decision6. Behind the Supply Curve: Inputs and Costs 7. Perfect Competition and the Supply Curve